The Africa cyber security market is estimated to grow from $0.92 Billion in 2015 to $2.32 Billion by 2020. Banking, financial services and insurance, energy and utilities have already significantly increased their spending on cyber solutions and services.
Morocco and Nigeria, in particular, are expected to experience increased market traction. South Africa is expected to remain as the largest market in terms of size.
The major force driving this market is expected to be the increasing focus on government regulation and compliance requirements to match the expanding penetration of mobile devices and internet subscription. Enterprises across the continent are expected to ramp up investment in cyber security projects in the coming years in response to the increase in sophisticated cyber-attacks.
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